Demand for Electricity from ON Power significantly exceeds supply

A large and diverse group of domestic and international parties showed interest in purchasing 150 megawatts of electricity from ON Power. At the beginning of March, the company posted an announcement on this matter on an international platform through a European procurement website. The company aims to obtain market prices for the electricity when parts of its current electricity sales contracts expire in the next 2-4 years.

After a thorough review of the data received and meetings with representatives of all projects, it is clear that interest far exceeds supply. ON Power’s initial goal was to evaluate participants based on the profitability, risk and maturity of their projects. Following a detailed assessment, eight parties have been invited to continue negotiations on electricity sales contracts.

„We are very pleased with the progress and look forward to reaching favourable power agreements,“ says Árni Hrannar Haraldsson, CEO of ON Power. In the coming months, we will aim to secure market prices for the electricity and strengthen future operations for the benefit of both the firm‘s owners and the community.“